RR..L closes below its opening price unable to hold early session gains
Rolls-Royce Holdings (RR.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
RR.. L finished the week 0.53% higher at 990.80 after edging lower £0.20 (-0.02%) today. Trading £6.70 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (RR.L as at Jul 13, 2018):
Friday's trading range was £13.30 (1.33%), that's below last trading month's daily average range of £19.33. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 999.60, Rolls-Royce Holdings closed below it after spiking as high as 1003.50 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 970.20 where further sell stops could get activated. With prices trading close to this year's high at 1010.50, upside momentum might accelerate should the share be able to break out to new highs for the year.